MAY 2017 STEAMBOAT SPRINGS REAL ESTATE MARKET SNAPSHOT

What goes up … keeps going up.

The Steamboat real estate market continues to rise as values and volumes are up and inventory is low.

According to a quarterly report released by Steamboat Sotheby’s International Real Estate, numbers indicate that the real estate market in Steamboat continues its upward trend as we reach the fiscal year mid-point. Market statistics for year-to-date 2017 through May 31 show significant increases across most residential categories when compared with the same time=period in 2016.

Residential property sales through May 31, 2017 saw a 28% increase. up from 269 in 2016 to 345. The median sales price jumped from $375,000 in 2016 to $430,000 in 2017, a 15% increase. Total residential sales volume increased significantly, from $135M in 2016 to $217M in 2017 a 61% jump.

What this means for The Porches …

“With only four homes available at yesterday’s pricing ($421/SF to $479/SF) these homes are a VALUE. New homes built in our area are selling for $500 +/SF and do not have the same quality of construction. I have gone out and spoken with the general contractors that build luxury homes comparable to the Porches quality and across the board they reported that just for construction costs you are looking at $400/SF, and that does not include the infrastructure and land costs (add an additional $70/SF),” says Beth Postemski, Director of Sales at The Porches.

“Mr. Moore who just closed on a 5,100 sf Porches home saw why his purchase at the Porches for just $454/SF was a very good value. Keep in mind that as we sell out of phase one inventory here, new construction pricing at the Porches will be significantly higher. The window of opportunity to purchase at The Porches at this price point is closing fast. Book an appointment to tour your future home today!”

 

To learn more about The Porches or to arrange a property visit, contact our Director of Sales, Beth Postemski.